A summary of things you should know about How Much Money Do I Need To Retire? according to Todd Tresidder: Introduction In this episode personal finance expert, Todd Tresidder takesRead More
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]]>In this episode personal finance expert, Todd Tresidder takes a deep dive into his book, How Much Money Do I Need To Retire?, where he shows you how to start your retirement savings.
In his book Tresidder argues that the conventional approach to retirement planning is flawed and reveals a much more stable formula for calculating the amount you need to save for retirement. The goal of the book is to teach you ways to spend less while improving your life, how to reduce the amount you need to retire, 3 models for estimating your retirement needs, and how to not run out of money.
This book is perfect for entrepreneurs who are within 5 – 7 years of retiring and need help figuring out exactly what it will take to ensure they are financially safe for retirement.
Most books about this topic come at it from an assets approach. Although I think that’s important, that’s only a small portion of what’s to be learned.
It’s designed to be read from front to back because I start with the traditional model and then I explain alternative models.
I want the reader to understand that there is no magic number. You need to recognize that everything is an estimate and your retirement planning is an iterative process, it’s worth doing to get a generalized goal but understand that it’s a range of outcomes. There is no definitive number and you will work with your retirement number throughout your retirement as numbers come in.
The whole first half of the book is all about the traditional model but I take it a whole cut deeper. So you start with the traditional approach which is using the retirement calculator, you plug in all these assumptions, but then I take you through the assumptions one by one and explain why they can’t be made properly. For example one of the assumptions is life expectancy, nobody knows when they are going to die that’s an impossible assumption to make. Or an investment return, nobody has any idea what their investment return will be over the next 30 years, it’s a guess at best. So I go through these assumptions one by one and I help you create a range of viable values and help you to understand how to work with that assumption in a constructive way.
From there we build a confidence interval using a traditional approach called The Assets Base approach.
Then the book goes through what I call Lifestyle Planning for Retirement and this is where you can start having breakthrough results. And the whole premise here is that for every one thousand dollars per month you spend in retirement, it requires anywhere from three hundred to four hundred thousand dollars in assets to support it. You will find that there are a lot of different ways in which you can redesign your life so it can be every bit as fulfilling or more fulfilling at a fraction of the cost. This is what I call Lifestyle Planning around retirement and it’s a great way to make ends meet if they don’t already.
In the third part of the book we discuss what I call Cash Flow Base Retirement Planning. In this second I point out that really retirement or financial independence at any age is about cash flow exceeding expenses. So then we go into cash flow base models and it’s a complete turnaround in the approach to retirement planning.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 06:28
“The only function of economic forecasting is to make astrology look respectable.” – John Kenneth Galbraith
I have a background in hedge fund investing. I came out of college and I had a crazy idea that I could make money from investing statistically or mathematically without actually knowing the investments themselves. My two icon investors were my professor and father and they both told me it wouldn’t work but despite their opinion I was sure it would and I was right. I was one of the early pioneers of the hedge fund business and so I was able to “retire” at age 35. After retirement I decided to take the knowledge that I had and share it with others. This led me to build a company called Financial Mentor which is an advanced education website that is geared around wealth building. This website is focused on people who are past the basics and ready for the next step.
The inspiration was my coaching clients. Since I was coaching people on how to build wealth the number one question was how much money do I need and so I wrote the book on this subject because nobody else had done a proper job at it.
The War of Art by Steven Pressfield
Buy How Much Money Do I Need to Retire by Todd Tresidder on Amazon today
Visit FinancialMentor.com to learn more about Todd and his work
Follow Todd Tresidder on Linkedin and Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
You Can Retire Sooner Than You Think by Wes Moss
The 5 Years Before You Retire by Emily Guy Birken
Get What’s Yours by Larry Kotlikoff
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]]>A summary of things you should know about Cash Flow Diary according to J. Massey: Introduction In this episode investment expert J. Massey takes a deep dive into his book,Read More
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]]>In this episode investment expert J. Massey takes a deep dive into his book, Cash Flow Diary, where he discusses 10 steps to creating wealth in any economy.
In his book Massey provides a roadmap of successful investment strategies in real-estate while taking readers along his personal journey into becoming a super successful real estate investor. The goal of the book is to teach you the ups and downs of real-estate investing, how to negotiate with real-estate brokers, how to solve typical real-estate challenges, and how to build wealth with retirement plans.
This book is perfect for entrepreneurs who are interested in real-estate investing to build passive income and are looking for lessons from someone who succeeded from the ground up.
People tell me what makes my book different is the amount of quality information that they have heard is available for many thousands of dollars elsewhere. My book is not just the information it’s the actual instruction of what to do with it and how to interpret it.
You can skip around to the different chapters that pertain to you most however I always recommend you go through it completely first.
It’s not about you, wealth is a team sport.
One of the most important concepts in the book is literally how to fail and I believe that this is one of the things our education system fails to prepare us for. Most of us don’t know how and you’re going to experience failure, in fact if you haven’t experienced failure then you haven’t tried something that is challenging to you enough. And you must learn to do three things, fail forward, fail fast, and fail frequently. At failing to do that you rarely see success and I share with you some of the largest failures I’ve gone through. I want you to understand that they are normal and I give you the ways to get through them. Not only that but I also want you to understand that your business can have a mission and that’s one of the things that I get excited about. The number one skill that I see missing today are interpersonal skills and as entrepreneurs we must develop and get better at this skill. It starts with our team and then our customers. I literally put in the book the 10 steps required to create wealth in any economy. We have broken down the steps so that you can begin from reading the book, taking the action steps, and putting your vision out there into the marketplace and actually making it happen.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 05:45
“Move at the speed of instruction.” – J. Massey
After facing some difficult situations in both my life and my wife’s I decided I needed to do something about it and wanted to provide more for my family. It was during that time that I decided to become a real estate investor and that was when self-employment failed for me. Today, through the service I offer, I am able to spend a majority of my time with my family which was my goal all along.
I was inspired to write it because I kept getting the same questions over and over again. I didn’t know how to keep answering them differently plus the book can be in more places than I can. Cash Flow Diary exists simply because I wanted to document this process for my kids.
Awaken the Giant Within by Tony Robbins
Buy Cash Flow Diary by J. Massey on Amazon today
Visit CashFlowDiary.com to learn more about J. Massey and his book
Follow J. Massey on Facebook and Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of Cash Flow Diary with J. Massey appeared first on The Entrepreneurs Library.
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